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It is important for spouses to declare all assets during divorce

Divorce is nearly always stressful. Anyone who has gone through a divorce or separation in Calgary knows that trying to negotiate a settlement with a soon-to-be ex-spouse can be difficult. From trying to determine child custody to arranging child support to dividing matrimonial property, coming to an agreement in such an emotional state may seem impossible, but using level-headed family law lawyers can help.

The only way that a pair of lawyers can negotiate a fair settlement, however, is for each spouse to declare his or her assets in their entirety. According to the Matrimonial Property Act of Alberta, marital assets must be divided equally.  If one spouse conceals assets, any Agreement can be set aside and assets re-assigned - usually at signifcant cost to responsible spouse.

Even though some marriages end on poor terms, it is in both parties' interests to properly disclose their assets. Not only does it mean that both spouses will get their fair share of the property, but it also makes it a lot easier to move forward than having to rehash the property division several years after the divorce is finalised. Should one spouse believe that he or she did not receive half of the marital property because the other spouse was hiding some assets, he or she can file a lawsuit for the missing share of property even after the divorce has been settled.

Source: Calgary Sun, "Susan Gallacher, ex-wife of Calgary-based billionaire Bill Gallacher, claims he hid hundreds of millions in assets during their divorce proceedings," Kevin Martin, Jan. 30, 2014

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